Pine Labs IPO GMP Declines Further On Final Day Of Subscription; Check Allotment And Listing Date
The grey market premium for the Pine Labs IPO has declined by 100% since November 3, when the GMP was Rs 35.
Pine Labs Limited, a leading merchant commerce platform, is set to conclude its Initial Public Offering (IPO) on Tuesday, November 11. The mainboard offering of Pine Labs Ltd. remains undersubscribed as bidding resumes on the third and final day of subscription.
According to the BSE data, investors have bid for 5,57,48,154 shares against the 9,78,93,739 shares on offer, resulting in a subscription of 0.57 times so far.
Pine Labs offers point-of-sale (POS) solutions, payment processing, and merchant financing services.
The grey market premium for the mainboard offer had captured the attention of private market investors as the GMP reached Rs 35 when the price band for the public issue was announced. But since then, the GMP has been trending lower in the days leading up to final day of subscription. Ahead of its launch, the GMP was as high as Rs 35, but has now shown a 100% decline over last few days.
As the subscription for the mainboard offer enters its final day, here’s all you need to know about the Pine Labs Ltd. IPO, including the latest grey market premium (GMP), allotment date, listing details, and more.
Pine Labs IPO GMP Today
The unlisted shares of Pine Labs were trading flat with zero grey market premium (GMP) over the IPO price at Rs 221 apiece. This indicates that GMP was Rs 0, recorded at 10:00 a.m. on Tuesday.
The highest GMP recorded for the IPO was Rs 35 on November 3. The grey market premium has been declining since then, from Rs 22 on November 4 and Rs 12 on November 6. The GMP fell further to Rs 5.5 on November 5, when the IPO opened for subscription, and later to Rs 4 as the public issue remained undersubscribed on Day 2.
Although this can change if the subscription picks up on the final day.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
Pine Labs IPO: Key Details
Pine Labs IPO is a book-built issue of Rs 3,899.91 crore. It comprises a fresh issue of 9.41 crore shares aggregating to Rs 2,080 crore, and an offer for sale (OFS) of 8.23 crore shares aggregating to Rs 1,819.91 crore.
The Pine Labs IPO’s price band has been set at Rs 210-Rs 221 per share.
The lot size for retail investors is 67 shares, requiring a minimum investment of Rs 14,807. For small non-institutional investors (sNII), the minimum application size is 14 lots (938 shares) worth Rs 2,07,298, while for big non-institutional investors (bNII), it is 68 lots (4,556 shares) amounting to Rs 10,06,876.
Axis Capital Ltd. is the book-running lead manager for the Pine Labs IPO, while Kfin Technologies Ltd. is the registrar for the issue.
Pine Labs IPO: Allotment And Listing Dates and Details
The allotment status for Pine Labs IPO is expected to be finalised on Wednesday, November 12, followed by the initiation of refunds and credit of shares to demat accounts on Thursday, November 13.
Shares of Pine Labs are tentatively scheduled to list on the BSE and NSE on Friday, November 14.
Investors who bid for the IPO can verify thier share allotment status on the websites of BSE, NSE and Kfin Technologies.
Use Of Proceeds
Pine Labs plans to use the net proceeds from its IPO for several purposes. A part of the funds will be used to repay or prepay certain borrowings of the company and its subsidiaries. Another portion will go toward investments in its overseas subsidiaries in Singapore, Malaysia and the UAE. The company will also invest in IT assets, cloud infrastructure and technology development. The remaining funds will be used for general corporate purposes and potential acquisitions.
Pine Labs Business And Financials
Pine Labs Ltd., incorporated in 1998, provides digital payment solutions and value-added services to businesses of all sizes, from small retailers to large enterprises. It offers smart POS devices that accept payments through cards, UPI, mobile wallets and EMIs. The company also provides Buy Now Pay Later (BNPL) options for instant EMIs at checkout. Pine Labs offers short-term loans to merchants through its partners to meet their working capital needs. It even helps brands run loyalty programmes and digital gift card campaigns. In addition, Pine Labs offers payment gateways and APIs to support online stores and apps.
Financials
Pine Labs Ltd. reported a 28% rise in revenue and a 57% improvement in profit after tax between the financial years ending March 31, 2024, and March 31, 2025. The company’s total income increased from Rs 1,824.16 crore in FY24 to Rs 2,327.09 crore in FY25. Its loss after tax narrowed from Rs 341.90 crore in FY24 to Rs 145.49 crore in FY25.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
